I have never heard of this but did a quick goggle search to see what I could find... found a few, but like most college fraternities pages, they two are very out of date here are a few...
http://www.angelfire.com/ms2/pkomega/
This is an interesting one --->
http://www.geocities.com/phikappaec/index.htm
http://www.geocities.com/pkgt/
From what I found from this search it seems like this may be popular in the southern Midwest states, I don’t know. I think this is interesting, but I agree I think these are in most cases not very productive. Unless they would have some sort of Teacher supervision. I think the potential for harm is much greater here considering the maturity level of high school students. But this again is just a first impression, thier a defently people that would say the same about college fraternities, just becuase they don't know much about them.